Category: St. Jude Medical
A jury hands St. Jude Medical a $2.3 billion award in a trade secret theft trial against a former engineer accused of using stolen technical information to start a competing Chinese medical device company.
St. Jude Medical Inc. (NYSE:STJ) won a whopping $2.3 billion award from a California jury that found a former engineer culpable of using stolen trade secrets to start a competing company in China — adding nearly a billion dollars to what St. Jude sought.
It only took two hours for the Los Angeles Superior Court jury to find that Yongning Zou, an engineer with St. Jude subsidiary Pacesetter Inc., used his access to confidential company information to found Nervicon Co. Ltd. in China.
Group purchasing organization Novation inks another deal to replace products it once bought from Medtronic, this time with German CRM device maker Biotronik.
Novation may have been jilted by Medtronic (NYSE:MDT) in February, but the group purchasing organization hasn't let any grass grow under its feet in its search for new partners.
The Irving, Texas-based GPO said it signed a two-and-a-half-year deal with German cardiac rhythm device maker Biotronik, hard on the heels of inking another 30-month pact with St. Jude Medical (NYSE:STJ) (also for CRM products).
Boston Scientific shares rose 4.5 percent today as management laid out its first-quarter results, with CEO Ray Elliott proclaiming "the turnaround has begun to show its face."
Boston Scientific Corp. (NYSE:BSX) CEO Ray Elliott said the embattled medical device maker has finally begun to turn the corner, telling analysts on a conference call that its on track to achieve double-digit earnings growth in the near term.
"The Boston Scientific turnaround has begun to show its face," Elliott proclaimed. "The heavy lifting will be done by the end of the year. BSC will be back stronger than ever."
The ICD market isn't suffering any hangover from a January study published in the Journal of the American Medical Assn. showing that one in five defibrillators are implanted outside medical guidelines.
A massive study released in January, which showed that doctors implant defibrillators in thousands of patients who don't need them, has has little effect on the ICD market according to St. Jude Medical Inc. (NYSE:STJ) CEO Daniel Starks.
In a conference call with investors today, Stark said the "short answer is that those issues are very small issues … with little impact on the global CRM market."
Shares of St. Jude Medical Inc. rose on news of its first-quarter results and the FDA's approval of its Trifecta aortic valve replacement.
St. Jude Medical Inc. (NYSE:STJ) shares rose today on news of its first-quarter sales and earnings and of FDA approval of its aortic valve replacement system, the Trifecta.
STJ shares were up 2.7 percent to $52.37 as of about 10:40 this morning, after the St. Paul, Minn.-based medical device maker reported profits of $233.4 million, or 71 cents per diluted share, on sales of $1.38 billion for the three months ended April 2 — a 9.0 percent top-line increase compared with Q1 2010.
St. Jude Medical wins CE Mark approval in the European Union for its MRI-safe Accent pacemaker and Tendril lead, hot on the heels of Medtronic and its Revo MRI-safe system.
St. Jude Medical Inc. (NYSE:STJ) won CE Mark approval for its MRI-safe Accent pacemaker and Tendril lead, gaining on the lead its Twin Cities competitor Medtronic (NYSE:MDT) established with its Revo MRI-safe system.
Covidien plc wins Food & Drug Administration pre-market approval for its DuraSeal Exact Spine sealant device.
Here's a roundup of companies announcing clearances and approvals from the FDA and foreign regulatory agencies. Check out MassDevice's compilation of the latest regulatory news for additional clearances and approvals.